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今天分享的报告是《中国游戏与娱乐行业》，版权归高盛所有。
The China Games & Entertainment sector has seen a broad-based rally over the course of 2025 with large/mid caps rallying 50-80% (vs. HSCEI’s 26%), as well with a strong start into 2026 with some stocks up as much as 30% (vs. c.3-5% for corresponding indexes). We believe the rallies have been roughly 50%/50% driven by from multiple expansion and EPS growth. Within, we frame the key themes/debates we see for the sector into 2026E, where we believe the risk-reward setup ahead is still favorable but more alpha-focused. We prefer names with potential new growth narratives (e.g. penetration of AI applications and accelerating overseas expansion), and/or with scope fr compounding growth/EPS expansion amid growing competition concerns, especially from Bytedance.
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